Stablecoins steal the limelight from subdued bitcoin

FILE PHOTO: Representation of cryptocurrency bitcoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - As bitcoin, the world's largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins.

The past week saw Meta Platforms Inc pilot its stablecoin payments wallet, while the world's largest payments processor Visa launched a crypto advisory service and said stablecoins, might become the medium of exchange rather than cryptocurrencies.